Busy Bees Holdings Ltd has closed its acquisition of BrightPath Early Learning Inc (TSX-V: BPE), a Calgary-based early learning and childcare provider. The $145 million deal, announced in May, will result in BrightPath’s delisting from TSX Venture Exchange today. Founded in 2010, BrightPath grew to become an operator of 78 locations in Canada. Busy Bees, the United Kingdom’s largest nursery chain, was acquired by Ontario Teachers’ Pension Plan in 2013.
Brightpath completes arrangement with Busy Bees
July 28, 2017
TORONTO — BrightPath Early Learning Inc. (TSX-V: BPE) (“BrightPath” or the “Company”) is pleased to announce that BrightPath has completed its previously announced Arrangement with an affiliate of Busy Bees Holdings Limited (“Busy Bees”, a company owned by Ontario Teachers’ Pension Plan (“Ontario Teachers”). Pursuant to the Arrangement, each common share of BrightPath has been acquired for $0.80 in cash.
In connection with the completion of the Arrangement, the common shares of BrightPath are expected to be delisted from the TSX Venture Exchange at the close of business on July 28, 2017.
Jeffrey Olin, Chairman of BrightPath, commented, “Over the past seven years, BrightPath has grown from a start-up to a Canadian leader with more than 8,950 licensed child care spaces in Ontario, British Columbia and Alberta. At the same time, we created a new and unique opportunity for passionate caregivers to pursue a progressive career path in their field of interest, now employing more than 2,130 people. We continue to believe that the Arrangement will serve Canadian families well by ensuring the continuation of high-quality child care services.”
Mary Ann Curran, Chief Executive Officer of BrightPath, added, “With a passion for the care of children, we look forward to continuing to expand and fill the need for high quality early learning and child care. We will continue to raise the bar on quality in centres that are already, and will in the future become, part of the BrightPath family.”
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in early learning and child care with 78 locations in major markets across the country. Meeting the highest standards in curriculum, nutrition, technology and recreational programing, BrightPath is committed to providing families with the very best child development programs and care Canada has to offer.
For more information, please visit www.BrightPathKids.com/corporate or contact Dale Kearns, President and CFO of BrightPath Early Learning Inc. at (403) 705-0362 Ext. 406.
About Busy Bees
Busy Bees, majority owned by Ontario Teachers Pension Plan is the UK’s leading provider of quality child care, caring for over 40,000 children across the country, in 335 nurseries. Founded in 1984, Busy Bees are committed to delivering high quality care and early years learning designed to give every child the best start in life for and to provide essential support to parents. In addition to its UK presence, Busy Bees also operates 70 nurseries across Singapore and Malaysia, including the Asian International College.
For further information, please contact:
President & CFO, BrightPath Early Learning Inc.
Office: (403) 705-0362 Ext. 406
Toll Free: (888) 808-2252
200 Rivercrest Drive SE, Suite 201
Calgary, AB T2C 2X5
Photo courtesy of Busy Bees Holdings Ltd